Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-09-17
THE STATE OF TRADE.
THE STRlSGENCY FELT IN THE MONEY
MARKET.
Gold Coming in Largely But Money Tight
Treasury Absorption Doss Not Account for
E-Whsat and 0l-WUl-BuSinsss
Failures.

New York, September 16.-R. G.. Dun
& Co, in their weekly review Of trade,
say: Ali anticipatiOns of money strin-
gene; this fall, which were expressed
months ago, are abundantIy justified by
the pressure now felt, in spite of supplies
from abroad far beyond reasonable antici-
patiVns. Were the merchandise move
ment alone to control, gold would be
going out in large amounts. Instead, gold
is coming in largely through operations
of syndicates in the purchase of securi-
ties, or for other investments or loans,
and yet the pressure is severe. The Bos-
ton market is tight, many millions having
been sent wsst for railroad building or
other operations. Philadelphia is cautious
because of recent failures and consequences
not wholly disclosed. Cincinnati banks
are forced to especial conservatism by The
c., H. & d. uncertainties and the effects
of the Fidelity collapse. Chicago reports
an enormous business done by note
brokers, and high rates bid by merchants
and manufacturers. Stringency is re-
ported at Nashville and Atlanta with
active demand at full rates at New
Orleans, and the demand in Cleveland,
Omaha, Kansas City and other Western
cities is unusually brisk on account Of ac-
tivity in trade or in building.
The Treasury continues to absorb money.
Il 81 20
than last Saturday-and $500, 900 more
legal tenders, against 800, 600 less silver.
But Treasury absorption obviously does
not account for the scarcity, in view of
the large imports of gold and the conclu-
sion is unavoidable that the drain of
money TO the West and South il unusually
large. Great difficulty in making time
loans, because New York banks have no
money to spare except on call, depresses
stocks and begins to cause curtailmeUt Of
commercial transactions. Months ago it
was foreseen that real estate speculation
and the attempt to do in one year all the
building needed for several years to come
would cause some embarrassment, which
is now felt The weekly production of pig
iron is not smaller than year ago a.
some assert, but according to the Iron Age
an increase of 10 per cent. Except for a
few grades the tone is weaker, and heavy
imports continue with much complaint of
under valuations.
Wheat has been dull and lower in spite
of the reduction o! ocean rates for grain to
Liverpool. Large exports from California
in August at nominal price above 81 per
busbcl are reported, and suggest that the
effects of the corner are yet felt at Liver
poOt. Corn is shade lower, with some
what better prospects as to yield, but
there is no longer doubt that the crop was
greatly diminished 5y the drought, anOth-
er effect of which is seen in the heavy ship
ments of cattle 10 depressed market.
Oh doomed to about IS cents on reports
Of meeting of producers at Pittsburg on
Monday, but collapsed 10 62 on Wednes-
day. recovering little since.
The wool market drags listlessly. The
boot and shoe trade still improves and dry
goods are fairly sustained, bat an irregu-
larity in the demand which makes some
qualities scarce, while Others move slowly.
Exports Of breadstuffS, provisions, cotton,
cattle and oil in August were S37, 900, 600
in value, 63 per cent above the same
month last year. But imports at New
York for August show increase of Is per
cent. Gold comes this way, not in pay
ment for goods but as loan.
The business failures during the last Z
days number for the United States l65; for
Canada, 90; total, l5s; compared with ia
last week and 185 for the corresponding
week of last year.